The entity that moved funds out of crypto exchange FTX’s wallets last week has been swapping its coins to accumulate ETH, making it one of the biggest Ethereum whales in existence.
On Friday, FTX’s general counsel Ryne Miller released a statement on the company’s Telegram channel, saying the exchange had been hacked.
On-chain data revealed that nearly $400 million in crypto was moved out of the exchange’s wallets and into unknown Ethereum addresses. Now, it appears the entity that took the funds has been swapping the coins into ETH.
Blockchain security firm PeckShield reported a series of elaborate swaps initiated by the alleged hacker.
- 7,420 BNB for 1,500 ETH
- 1,000,000 DAI for 611.15 ETH, plus 10,000 BNB to 1,979.5 ETH
- 3,500 BNB for 962,071.43 BSC-USD
- 10,270,000 DAI for 7,959.04 ETH
Over the last several hours, the entity appears to have consolidated almost all of its funds into ETH. The address currently has over 228,523.8 ETH worth about $289,585,402 at today’s prices.
According to Etherscan, the entity still has about $14 million in PAXGold (PAXG), a token issued by Paxos that aims to stay pegged to the price of one ounce of gold. Paxos announced that it had frozen the PAXG related to the FTX hacker, which is appears to be why the gold-pegged tokens still sit in the entity’s wallet.
At time of writing, the account labeled “FTX Accounts Drainer” on Etherscan is now the 35th biggest Ethereum whale in the world.
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/X-Poser